TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report, further to highly encouraging reconnaissance drill results released earlier this year (news January 15, 2024, recapped below), the completion of a 5 line-km CSAMT (Controlled Source Audio-frequency Magneto-tellurics) deeper-looking geophysical survey directly over the DEM1 target (Figure 1). The survey has revealed (Figures 2 to 6) a large-scale resistivity-low anomaly coincident with high Induced Polarization (IP) chargeability, suggestive of the presence of abundant sulphides, extending across all lines, a north-south distance of 500 metres, and to beyond the 400-metre depth limit of the survey. The anomaly approximates 400 metres in width, presenting a highly attractive target for follow-up drilling this season, details of which will be forthcoming.
“The DEM1 target below and lateral to where we first hit it in last fall’s short program, really looks terrific”, said Kevin Keough, President & Chief Executive Officer. “It is a large, deep-seated target within a considerably larger general target area and we already know, from the reconnaissance drill results, that the system is richly mineralized, having already delivered broad intercepts of low-grade gold and silver from surface and, within that broad envelope, local high grades of an impressive spectrum of high-value elements, including precious and strategic metals and a high-level porphyrytic intrusion hosting molybdenum and gold. Recall that our team’s massive Saddle discovery some years ago for GT Gold took more holes and considerably more metres to really get on to than just the 3 reconnaissance holes and 947 metres we have managed to put into the DEM prospect so far. We believe the DEM1 system is capable of delivering much better results than we’ve seen to date.”
January 15, 2024 News Recap: Highlight Intercepts, DEM1 Target, Fall 2023 Reconnaissance Drill Program. (Note: For cost-saving purposes the three holes were only partially sampled. Priority intervals were determined by visual and XRF analysis of mineralization intensity. Pads and casing were left in place with a view toward possible re-use for follow-up drilling):
Drill Pad 1: DEM23-01: Partially delineated system envelope – from surface
135 metres of 0.12 g/t Au and 2 g/t Ag from 6 to 141 metres
Including: high-grade tungsten and silver, with tellurium: 0.32% W, 155 g/t Ag, 5 ppm Te, from 131 to 132 metres
Drill Pad 1: DEM23-02: First intercept of high-grade veining within porphyritic intrusive
High-grade molybdenum (0.82%) with gold (1.2 g/t), silver (8 g/t), rhenium (3.7 g/t) from 299 to 300 metres
Drill Pad 2located 450 metres from Pad 1: DEM23-03, deeper test, partially delineated system envelope:
48.2 metres of 0.58 g/t Au and 11 g/t Ag from 303 to 351.2 metres
Including: high-grade gold: 11.98 g/t Au and 24 g/t Ag from 339 to 340.5 metres
Including: high-grade cobalt, high-grade gold, high-grade tellurium: 0.11% Co, 29.5 g/t Au, 22 g/t Ag, 0.19% Cu, 42 ppm Te from 340 to 340.5 metres
About the DEM Project
The 12,728-hectare DEM property is ideally located in moderate terrain only 40 kms northwest of Fort St. James in central B.C.. The project area lies toward the south end of the Nation Lakes porphyry camp and within the Quesnel terrane, the latter of which hosts large deposits and long-life mines including the Mount Milligan mine (50 kms to the northeast of DEM) and Lorraine deposit and, farther south, the Mt. Polley, Afton, Copper Mountain, and Brenda mines, in addition to the Highland Valley mines and deposits. Located central to the DEM property is the DEM1 prospect, a roughly 4km2 target area defined by alteration and mineralogy suggestive of the presence of a porphyry system, by a multi-element soil geochemical signature, by compelling high-relief magnetic, IP-chargeability and CSAMT resistivity anomalies, and by the presence of nearby regional scale structures. Extensive logging in the area and associated forest service roads provide drive-on access directly to the DEM1 prospect. All of these factors, combined with the results of a reconnaissance drilling program carried out in October and November, 2023, indicate excellent discovery potential for a precious and strategic metals-enriched epithermal vein system, or systems, associated with porphyry intrusions. Further details on the DEM prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101 technical report dated August 30, 2023, posted thereon and on the Company’s issuer profile at SEDAR+.
Qualified Person
Charles J. Greig, M.Sc., P.Geo., the Company’s Chief Exploration Officer and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
Figure 1: DEM1 Target – Controlled-Source Audio-frequency Magneto-tellurics (CSAMT) Survey Lines on Total Magnetic Intensity (TMI)
Figure 1 - CSAMT Survey Lines on TMI
Figure 2: DEM1 Target, Responses Compared: CSAMT vs. IP, Line 68000
Figure 2 - CSMAT vs IP - line 68000
Figure 3: DEM1 Target - CSAMT Resistivity Section, Line 67800
Figure 3 - CSAMT Section Line 67800
Figure 4: DEM1 Target - CSAMT Resistivity Section, Line 67900 with Reconnaissance Drill Hole DEM23-03. Note: hole partially sampled only. Unsampled intervals are highlighted in blue on the hole trace.
Figure 4 - Recon Drill Hole DEM23-03 on CSAMT Section Line 67900
Figure 5: DEM1 Target - Line 68000 CSAMT Resistivity Section
Figure 5 - CSAMT Section Line 68000
Figure 6: DEM1 Target - Line 68100 CSAMT Section with Reconnaissance Drill Holes DEM23-01 and DEM23-02. Note: holes partially sampled only. Unsampled intervals are highlighted in blue on the hole trace.
Figure 6 - Recon Drill Holes DEM23-01 & DEM23-02 on CSAMT Section Line 68100
About Evergold
Evergold Corp. is a TSX-V listed mineral exploration company with projects in B.C. and Nevada. The Evergold team has a track record of success in the junior exploration space, most recently the establishment of GT Gold Corp. in 2016 and the discovery of the Saddle epithermal vein and porphyry copper-gold deposits near Iskut B.C., sold to Newmont in 2021 for a fully diluted value of $456 million, representing a 1,136% (12.4 X) return on exploration outlays of $36.9 million.
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Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required bylaw.